Over 240 South African Millionaires taking their Millions to Mauritius

SOUTH AFRICA: Its now estimated that over 240 millionaires have moved there from South Africa alone since 2007.


Between 2007 and 2015‚ South Africa lost 10% of its dollar millionaires‚ while the number in Mauritius grew by 160%‚ this was according to the Africa 2016 Wealth Report from New World Wealth.

Other countries where the population of millionaires grew over the eight-year period were Ethiopia (up 130%)‚ Tanzania (80%)‚ Ivory Coast (70%)‚ Kenya (60%)‚ Gabon (50%)‚ Namibia and Botswana (35%) and Nigeria (10%).

According to the report‚ the growth in millionaires in Mauritius was driven by:

-Strong economic growth.
-Secure ownership rights.
-Migration.
-It has become a major retirement destination.
-Low taxes which encourage business formation and appeal to retirees.
-Company and personal income tax rates are 15%‚ with no inheritance or capital gains tax.
-Automatic citizenship if you buys a $500‚000-plus home.
-A thriving and growing financial services sector‚ particularly in offshore banking‚ fund management and private banking.
-Low level of government regulation in the business sector.
-Lifestyle (beaches‚ weather and scenery)
-Low crime rate. Over the next 10 years‚ Mauritius was expected to continue to be the fastest
-growing country in Africa for millionaires.

Ivory Coast and Kenya were also expected to perform well‚ the wealth advisory group said.